HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC) Resolutions (R-06-89)-08/22/2006
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RESOLUTION R-06-89
A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PROGRAM (EDCIP) FOR 2007-2011
WHEREAS, the Bylaws of the Colleyville Economic Development Corporation require
that annually the Board develop a combined Economic Development
Capital Improvement Program; and
WHEREAS, the program will address the development needs of the City within the
financial constraints available to the Corporation; and
WHEREAS, the EDCIP shall identify the projects to be undertaken by the Corporation
and include proposed methods and the expected cost of the
implementation.
NOW, THEREFORE, BE IT RESOLVED BY THE COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION:
Sec. 1.
THAT the Economic Development Capital Improvement Program (EDCIP)
is hereby attached as Exhibit "A" that lists those projects and programs
recommended for implementation for FY 2007-2011.
THAT once approved, the EDCIP will be forwarded to the City Council for
their subsequent approval.
Sec. 2.
AND IT IS SO RESOLVED.
APPROVED AND ADOPTED, THIS AUGUST 22, 2006.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
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Jon Ayers :1
v President
ATTEST:
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Cynthia Singleton, TRMC
City Secretary
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2007 - FY 2011
Exhibit A
PROJECTED
FISCAL YEAR 2006 2007 2008 2009 2010 2011
BEGINNING FUND BALANCE $1,270,587 $1,202,265 $770,596 $849,560 $854,867 $505,129
PROJECTED 1/2 CENT SALES TAX REVENUE $1,072,909 $1,105,096 $1,149,299 $1,195,271 $1,243,082 $1,292,805
INTEREST INCOME $38,118 $54,102 $34,677 $38,230 $38,469 $22,731
2005 BOND SALE PROCEEDS $1,796,673 $203,327 $0 $0 $0 $0
USE OF AVAILABLE CASH $325,494 $806,393 $302,453 $382,482 $608,255 $269,270
TOTAL REVENUES $3,233,193 $2,168,917 $1,486,429 $1,615,984 $1,889,806 $1,584,806
OPERATING:
ADMINISTRATIVE $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $900,099 $904,913 $910,018 $900,473 $904,806 $904,806
1997 DEBT SERVICE & 1.4 TIMES COVERAGE $0 $0 $0 $0 $0 $0
2000 DEBT SERVICE & 1,4 TIMES COVERAGE $0 $0 $0 $0 $0 $0
MARKETING $80,000 $80,000 $80,000 $80,000 $80,000 $80,000
CAPITAL:
ADA IMPROVEMENTS
NATURE CENTER PARK $69,293 $5,000 $0 $0 $0 $0
SPARGER PARK $0 $125,000 $0 $0 $0 $0
CITY PARK
FIELD MAINTENANCE ENTRY IMPROVEMENTS $0 $11,500 $0 $0 $0 $0
KIDSVILLE RENOVATIONS $0 $10,000 $0 $0 $0 $0
CITYWIDE PLAYGROUND SAFETY SIGNS $0 $6,000 $0 $0 $0 $0
CITYWIDE PICNIC TABLE REPLACEMENT $0 $6,000 $0 $0 $0 $0
MC PHERSON PARK
Phase I $0 $238,000 $0 $0 $0 $0
Phase I (Bond Sale Proceeeds) $196,673 $203,327 $0 $0 $0 $0
Phase II $0 $0 $0 $500,000 $0 $0
Phase III $0 $0 $0 $0 $0 $350,000
Phase IV $0 $0 $0 $0 $0 $245,000
CITY PARK ROAD EXTENSION $63,121 $20,000 $0 $0 $0 $0
PLEASANT RUN PRACTICE FIELD PARKING LOT $39,006 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL $0 $0 $0 $0 $500,000 $0
PLEASANT RUN - MOVING LIGHTS $0 $35,000 $0 $0 $0 $0
PARK LAND PURCHASE (Bond Sale Proceeds) $400,000 $0 $0 $0 $0 $0
SENIOR CENTER
FACILITY (Bond Sale Proceeds) $1,200,000 $0 $0 $0 $0 $0
FF&E AND RENOVATIONS $150,000 $0 $0 $0 $0 $0
OPEN AREA AND TRAIL DEVELOPMENT $0 $168,000 $0 $0 $300,000 $0
CITYWIDE IRRIGATION MONITORING SYSTEM $50,000 $135,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM
GRANT MATCH $0 $0 $300,000 $0 $0 $0
TRAIL CONSTRUCTION $80,000 $100,000 $70,000 $0 $100,000 $0
TOTAL EXPENDITURES $3,233,192 $2,052,740 $1,365,018 $1,485,473 $1,889,806 $1,584,806
EXCESS REVENUES OVER EXPENDITURES $0 $116,178 $121,411 $130,511 $0 $0
ADD BACK.4 TIMES BOND COVERAGE RATIO $257,171 $258,547 $260,005 $257,278 $258,516 $258,516
ENDING FUND BALANCE $1,202,265 $770,596 $849,560 $854,867 $505,129 $494,376
ASSUMPTIONS: FY 2007: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2008 - 2011: 4% GROWTH DUE TO COLLEYVILLE BLVD,CONSTRUCTION